By Quite possibly one of the most well-known scam artists of all time – Jordan Belfort has recently slammed the world of Bitcoin again by claiming that the cryptocurrency is headed for an inevitable crash which he has taken to call “The bust heard around the world.”
Thanks to the highly successful 2013, Martin Scorsese film – “The Wolf Of Wall Street” many people who were not previously aware of Belfort’s exploits on Wall Street were now wise as to who the famous scammer was.
Belfort spent 22 months in prison and was ordered by the authorities to pay back a total sum of $110 Million in reimbursement to the victims of his pump-and-dump penny stock scam. He recently told CNBC that the only reason Bitcoin has not succumbed to its inevitable doom is due to the fact that young investors who find the nascent asset class appealing have been “brainwashed” into investing into it.
He goes on to say:
“I was a scammer. I had it down to science, and it’s exactly what’s happening with bitcoin,” he said during an interview included in the network’s cryptocurrency documentary, “Bitcoin: Boom or Bust,” which premieres on Monday. “The whole thing is so stupid, these kids have gotten themselves so brainwashed,” he said. “We don’t even know how bad it really is.”
Belfort alleges that these so-called Bitcoin scammers have accrued substantial pots of BTC and are now trying to pawn them off onto the average retail investor, people who are usually prone to finding themselves swept up by the hype of asset bubbles.
For these types of buyers, whom Belfort said has a “good heart” he had the following warning:
“For the average person who’s really — you know, with a good heart, who walks in saying, ‘I just — I want — I do because I believe in it, in the long term thing,’ just f—— run.”
“This thing is going to evaporate like a mirage,” he added. “There’s a lot of really honest people who are going to get slaughtered.”
As we know, this is not the first time Belfort had negative things to say about Bitcoin, in September 2017 he said the cryptocurrency is a “fraud” and also went on to say that he thought ICO’s (initial coin offerings) may be the “biggest scam ever”. Following this in June, after the crypto market saw it’s six-month decline, he argued that the market had “run out of fools” one more warning that there was to be an impending meltdown.
Should we take the musings of a criminal to heart? What are your thoughts on Belfort’s claims?
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